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HSBC plans seven-year global opportunity CDs linked to three indexes
By Jennifer Chiou
New York, July 1 - HSBC Bank USA, NA plans to price 0% global opportunity certificates of deposit with minimum return due July 28, 2017 linked to a basket of equally weighted indexes, according to a term sheet.
The indexes are the Euro Stoxx 50, Hang Seng and S&P 500.
The payout at maturity will be par plus the basket return, subject to a minimum return of 2% to 5% that will be set at pricing.
The CDs will be putable on July 29, 2011, July 31, 2012, July 31, 2013, July 31, 2014, July 31, 2015 and July 29, 2016. Investors will receive the current market value of the CDs minus a redemption charge of 3.5% in year one, 2.5% in year two, 1.5% in year three and 0.5% in year four. There is no charge in years five and six.
The CDs (Cusip: 40431GBY4) will price on July 22 and settle on July 28.
HSBC Securities (USA) Inc. is the agent.
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